Charudutt (Assistant ) 28 December 2021

HOW MUCH VALUE BOND PAPER SHOULD I PURCHASE

I have lent money to my close friend... amounting to ₹14 lakhs... Need to make an agreement of repayment as emi from my friend... My question is :

To prepare the loan repayment agreement of ₹14lakhs how much value bond paper should I purchase ???

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2 Replies

Shashi Dhara 29 December 2021

Take signature on on-demand pronote and also cheque .

Anaita Vas 29 December 2021

A Loan Agreement is like a Promissory Note. A simple Loan Arrangement between two friends can be like a Promissory Note. However, you can include Terms & Conditions especially regarding the ‘event of default’ and ‘consequences of default.’ But the heading of the document should be clearly mentioned as “Loan Agreement.”

The standard stamp value is Rs. 100/-, execute the agreement in a non-judicial stamp paper.

Regards,

Anaita Vas